It may seem hard to understand how one could go bankrupt selling iPads and MacBooks in one of Europe’s richest countries, but that is what happened Tuesday to iCentre, the largest Apple reseller in the Netherlands, writes Matt Steinglass in Amsterdam.
A judge in the Dutch town of Haarlem proclaimed the 34-store chain bankrupt on Tuesday, after a week of negotiations between the company, its creditors and potential buyers failed to produce a rescue plan. And on closer inspection, iCentre’s fate is not so hard to explain. Like other Apple resellers, iCentre was coping with a long-term shift from notebook and desktop computer sales towards smartphones and tablets, which have lower profit margins.
Funding Circle, a UK-based online marketplace where individuals lend directly to small businesses raised $16m of Series B financing from joint investors Index Ventures and US-based Union Square Ventures. This brings the total amount raised by the company to $21m. Launched in August 2010, the company now facilitates around £1m in loans each week. The company is planning to use the funds to double its staff over the next year.
Dragonplay, a Tel Aviv-based games developer raised $14m in a Series A funding from Accel Partners. Dragonplay specializes in makes card, casino and board games for smartphones and social networks and is best known for Live Holdem Poker Pro, which has more than 2m monthly active players. The company will use the investment to expand its portfolio of games.
The frenzy to invest in mobile payments providers continues with Boku, the San Francisco-based start-up raising $35m, in a funding round led by Telefónica Digital. It will take the total raised by the mobile transactions company to more than $75m since 2008.
Investors in this round also included New Enterprise Associates (NEA), Andreessen Horowitz, Benchmark Capital, DAG Ventures, Index Ventures and Khosla Ventures.
A little bit of much-needed consolidation is finally taking place in the European Venture Capital industry. On Wednesday DFJ Esprit and Tempo Capital announced plans to merge their secondary investment businesses.
Tempo is a specialist in this market of buying existing venture capital investments, and DFJ has been dipping its toes in since 2007 when it bought out Cazenove’s venture capital fund.
Venture capital investors appear to be growing increasingly wary of European companies. In 2011, they put just E4.4bn into 1,012 start-ups in the region, a 14 per cent drop from the previous year, according to Dow Jones VentureSource.
This was the lowest annual deal count since Dow Jones began tracking investments in Europe in 2000.
When Acer last March unceremoniously ousted its then-chief executive Gianfranco Lanci, it was not an amicable parting, with both sides apportioning blame on the other for the split.
But if the Taiwanese company had thought they were rid of Mr Lanci by forcing his resignation, then they are sorely mistaken. Mr Lanci was this week appointed the head of Europe, Middle East and Africa by none other Lenovo, Acer’s Chinese rival.
This summer has seen some interesting blog posts from the venture capital community on the “rise of the super angels” – seasoned entrepreneurs who’ve cashed out and are reinvesting in the next generation.
Seedcamp, the European investor and events programme, is a big part of that story. Next week will see the fourth Seedcamp week in London, with 23 young companies jostling for up to €50,000 in investment and expert mentoring in what’s been dubbed the “X Factor for startups”.
But the increasingly active angel community means that Seedcamp has found itself facing competition too.